General Assembly Substitute Bill No. 7321
January Session, 2017 *_____HB07321FIN___042817____*
General Assembly
Substitute Bill No. 7321
January Session, 2017
*_____HB07321FIN___042817____*
AN ACT ESTABLISHING A CREDIT REVENUE BOND PROGRAM.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective from passage) (a) As used in this section, the following terms have the following meanings, unless the context clearly indicates a different meaning or intent:
(1) "Credit revenue bonds" means revenue bonds issued pursuant to this section;
(2) "Collection agent" means the financial institution acting as the trustee or agent for the trustee that receives the pledged revenues directed by the state to be paid to it by taxpayers;
(3) "Debt service requirements" means (A) (i) principal and interest with respect to bonds, (ii) interest with respect to bond anticipation notes, and (iii) unrefunded principal with respect to bond anticipation notes, (B) the purchase price of bonds and bond anticipation notes that are subject to purchase or redemption at the option of the bondowner or noteowner, (C) the amounts, if any, required to establish or maintain reserves, sinking funds or other funds or accounts at the respective levels required to be established or maintained therein in accordance with the proceedings authorizing the issuance of bonds, (D) expenses of issuance and administration with respect to bonds and bond anticipation notes, as determined by the Treasurer, (E) the amounts, if any, becoming due and payable under a reimbursement agreement or similar agreement entered into pursuant to authority granted under the proceedings authorizing the issuance of bonds and bond anticipation notes, and (F) any other costs or expenses deemed by the Treasurer to be necessary or proper to be paid in connection with the bonds and bond anticipation notes, including, without limitation, the cost of any credit facility, including, but not limited to, a letter of credit or policy of bond insurance, issued by a financial institution pursuant to an agreement approved pursuant to the proceedings authorizing the issuance of bonds and bond anticipation notes;
(4) "Dedicated savings" for a period means the amounts for such period determined by the Treasurer pursuant to subsection (n) of this section to have been saved by the issuance of credit revenue bonds;
(5) "Pledged revenues" means withholding taxes statutorily pledged to repayment of credit revenue bonds;
(6) "Proceedings" means the proceedings of the State Bond Commission authorizing the issuance of bonds pursuant to this section, the provisions of any resolution or trust indenture securing bonds, that are incorporated into such proceedings, the provisions of any other documents or agreements that are incorporated into such proceedings and, to the extent applicable, a certificate of determination filed by the Treasurer in accordance with this section;
(7) "Trustee" means the financial institution acting as trustee under the trust indenture pursuant to which bonds or notes are issued; and
(8) "Withholding taxes" means taxes required to be deducted and withheld by employers from the wages and salaries of employees and paid by employers to the Commissioner of Revenue Services pursuant to section 12-707 of the general statutes as a credit for income taxes payable by such employees, and includes, without limitation, taxes deducted and withheld pursuant to sections 12-705 and 12-706 of the general statutes upon receipt by the state and including penalty and interest charges on such taxes.
(b) Whenever any general statute or public or special act, whether enacted before, on or after the effective date of this section, authorizes general obligation bonds of the state to be issued for any purpose, such general statute or public or special act shall be deemed to have authorized such bonds to be issued as either general obligation bonds or credit revenue bonds under this section. In no event shall the total of the principal amount of general obligation bonds and credit revenue bonds issued pursuant to the authority of any general statute or public or special act exceed the amount authorized thereunder. Except as provided for in this section, all provisions of section 3-20 of the general statutes, except subsection (p) of said section, shall apply to such credit revenue bonds.
(c) Bonds issued pursuant to this section shall be special obligations of the state and shall not be payable from or charged upon any funds other than the pledged revenues or other receipts, funds or moneys pledged therefor, nor shall the state or any political subdivision thereof be subject to any liability thereon, except to the extent of such pledged revenues or other receipts, funds or moneys pledged therefor as provided in this section. As part of the contract of the state with the owners of such bonds, all amounts necessary for punctual payment of principal of and interest on such bonds, and redemption premium, if any, with respect to such bonds, is hereby appropriated and the Treasurer shall pay such principal and interest and redemption premium, if any, as the same shall become due but only from such sources. The issuance of bonds issued under this section shall not directly or indirectly or contingently obligate the state or any political subdivision thereof to levy or to pledge any form of taxation whatever therefor, except for taxes included in the pledged revenues, or to make any additional appropriation for their payment. Such bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the state or of any political subdivision thereof other than the pledged revenues or other receipts, funds or moneys pledged therefor as provided in this section, and the substance of such limitation shall be plainly stated on the face of each such bond and bond anticipation note.
(d) The state hereby pledges all its right, title and interest to the pledged revenues to secure the due and punctual payment of the principal of and interest on the credit revenue bonds, and redemption premium, if any, with respect to such bonds. Such pledge shall secure all such credit revenue bonds equally, and such pledge is and shall be prior in interest to any other claim of any party to the pledged revenues, including any holder of general obligation bonds of the state. Such bonds also may be secured by a pledge of reserves, sinking funds and any other funds and accounts, including proceeds from investment of any of the foregoing, authorized hereby or by the proceedings authorizing the issuance of such bonds, and by moneys paid under a credit facility including, but not limited to, a letter of credit or policy of bond insurance, issued by a financial institution pursuant to an agreement authorized by such proceedings.
(e) The pledge of the pledged revenues under this section is made by the state by operation of law through this section, and as a statutory lien is effective without any further act or agreement by the state, and shall be valid and binding from the time the pledge is made, and any revenues or other receipts, funds or moneys so pledged and received by the state shall be subject immediately to the lien of such pledge without any physical delivery thereof or further act. The lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the state, irrespective of whether such parties have notice thereof.
(f) In the proceedings authorizing any credit revenue bonds, the state shall direct the trustee to establish one or more collection accounts with the collection agent to receive the pledged revenues and shall direct payment of the pledged revenues into such collection accounts of the collection agent. Funds in such collection accounts shall be kept separate and apart from any other funds of the state until disbursed as provided for in the proceedings authorizing such credit revenue bonds. Such proceedings shall provide that no funds from such collection accounts shall be disbursed to the control of the state until and at such times as all current claims of any trustee set out in the proceedings have been satisfied, and thereafter may be disbursed to the control of the state free and clear of any claim by the trustee or the holders of any credit revenue bonds. The agreements with the depositaries establishing the collection accounts may provide for customary settlement terms for the collection of revenues. The expenses of the state in establishing such collection accounts and directing the deposit of pledged revenues therein, including the expenses of the Department of Revenue Services and the office of the Comptroller in establishing mechanisms to verify, allocate, track and audit such accounts and the deposits therein, may be paid as costs of issuance of any bonds issued pursuant to section 3-20 of the general statutes or this section.
(g) The proceedings under which bonds are authorized to be issued, pursuant to this section, may, subject to the provisions of the general statutes, contain any or all of the following:
(1) Covenants that confirm, as part of the contract with the holders of the credit revenue bonds, the agreements of the state set forth in subsections (d) to (f), inclusive, of this section;
(2) Provisions for the execution of reimbursement agreements or similar agreements in connection with credit facilities including, but not limited to, letters of credit or policies of bond insurance, remarketing agreements and agreements for the purpose of moderating interest rate fluctuations, and of such other agreements entered into pursuant to section 3-20a of the general statutes, as amended by this act;
(3) Provisions for the collection, custody, investment, reinvestment and use of the pledged revenues or other receipts, funds or moneys pledged therefor;
(4) Provisions regarding the establishment and maintenance of reserves, sinking funds and any other funds and accounts as shall be approved by the State Bond Commission in such amounts as may be established by the State Bond Commission, and the regulation and disposition thereof, including requirements that any such funds and accounts be held separate from or not be commingled with other funds of the state;
(5) Provisions for the issuance of additional bonds on a parity with bonds theretofore issued, including establishment of coverage requirements as a condition of the issuance of such additional bonds;
(6) Provisions regarding the rights and remedies available in case of a default to the bondowners, or any trustee under any contract, loan agreement, document, instrument or trust indenture, including the right to appoint a trustee to represent their interests upon occurrence of an event of default, as defined in said proceedings, provided, if any bonds shall be secured by a trust indenture, the respective owners of such bonds or notes shall have no authority except as set forth in such trust indenture to appoint a separate trustee to represent them, and provided further no such right or remedy shall allow principal and interest on such bonds to be accelerated; and
(7) Provisions or covenants of like or different character from the foregoing which are consistent with this and which the State Bond Commission determines in such proceedings are necessary, convenient or desirable to better secure the bonds, or will tend to make the bonds more marketable, and which are in the best interests of the state. Any provision which may be included in proceedings authorizing the issuance of bonds hereunder may be included in a trust indenture duly approved in accordance with this subsection which secures the bonds and any notes issued in anticipation thereof, and in such case the provisions of such indenture shall be deemed to be a part of such proceedings as though they were expressly included therein.
(h) Bonds issued pursuant to this section shall be secured by a trust indenture, approved by the State Bond Commission, by and between the state and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the state. Such trust indenture may contain such provisions for protecting and enforcing the rights and remedies of the bondowners as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the state in relation to the exercise of its powers pursuant to the pledged revenues and the custody, safeguarding and application of all moneys. The state may provide by such trust indenture for the payment of the pledged revenues or other receipts, funds or moneys to the trustee under such trust indenture or to any other depository, and for the method of disbursement thereof, with such safeguards and restrictions as it may determine, but consistent with the provisions of subsections (d) to (f), inclusive, of this section.
(i) The Treasurer shall have power to purchase bonds of the state issued pursuant to this section out of any funds available therefor. The Treasurer may hold, pledge, cancel or resell such bonds subject to and in accordance with agreements with bondowners.
(j) Bonds issued pursuant to this section are hereby made negotiable instruments within the meaning of and for all purposes of the Uniform Commercial Code, whether or not such bonds are of such form and character as to be negotiable instruments under the terms of the Uniform Commercial Code, subject only to the provisions of such bonds for registration.
(k) Any moneys held by the Treasurer or a trustee pursuant to a trust indenture with respect to bonds issued pursuant to this section, including pledged revenues, other pledged receipts, funds or moneys and proceeds from the sale of such bonds, may, pending the use or application of the proceeds thereof for an authorized purpose, be (1) invested and reinvested in such obligations, securities and investments as are set forth in subsection (f) of section 3-20 of the general statutes and in participation certificates in the Short Term Investment Fund created under section 3-27a of the general statutes, or (2) deposited or redeposited in such bank or banks as shall be provided in the resolution authorizing the issuance of such bonds, the certificate of determination authorizing issuance of such bond anticipation notes or in the indenture securing such bonds. Proceeds from investments authorized by this subsection, less amounts required under the proceedings authorizing the issuance of bonds, shall be credited to the General Fund.
(l) Bonds issued pursuant to this section are hereby made securities in which all public officers and public bodies of the state and its political subdivisions, all insurance companies, credit unions, building and loan associations, investment companies, banking associations, trust companies, executors, administrators, trustees and other fiduciaries and pension, profit-sharing and retirement funds may properly and legally invest funds, including capital in their control or belonging to them. Such bonds are hereby made securities which may properly and legally be deposited with and received by any state or municipal officer or any agency or political subdivision of the state for any purpose for which the deposit of bonds or obligations of the state is now or may hereafter be authorized by law.
(m) The state covenants with the purchasers and all subsequent owners and transferees of bonds issued by the state pursuant to this section, in consideration of the acceptance of the payment for the bonds, until such bonds, together with the interest thereon, with interest on any unpaid installment of interest and all costs and expenses in connection with any action or proceeding on behalf of such owners, are fully met and discharged, or unless expressly permitted or otherwise authorized by the terms of each contract and agreement made or entered into by or on behalf of the state with or for the benefit of such owners, that the state will impose, charge, raise, levy, collect and apply the pledged revenues and other receipts, funds or moneys pledged for the payment of debt service requirements as provided in this section, in such amounts as may be necessary to pay such debt service requirements in each year in which bonds are outstanding and further, that the state (1) will not limit or alter the duties imposed on the Treasurer and other officers of the state by law and by the proceedings authorizing the issuance of bonds with respect to application of pledged revenues or other receipts, funds or moneys pledged for the payment of debt service requirements as provided in said sections; (2) will not alter the provisions establishing collection accounts with the collection agent or the direction of pledged revenues to such collection accounts, or the provisions applying such pledged revenues to the debt service requirements with respect to bonds or notes; (3) will not issue any bonds, notes or other evidences of indebtedness, other than the bonds, having any rights arising out of said sections or secured by any pledge of or other lien or charge on the pledged revenues or other receipts, funds or moneys pledged for the payment of debt service requirements as provided in said sections; (4) will not create or cause to be created any lien or charge on such pledged amounts, other than a lien or pledge created thereon pursuant to said sections, provided nothing in this subsection shall prevent the state from issuing evidences of indebtedness (A) which are secured by a pledge or lien which is and shall on the face thereof be expressly subordinate and junior in all respects to every lien and pledge created by or pursuant to said sections; (B) for which the full faith and credit of the state is pledged and which are not expressly secured by any specific lien or charge on such pledged amounts; or (C) which are secured by a pledge of or lien on moneys or funds derived on or after such date as every pledge or lien thereon created by or pursuant to said sections shall be discharged and satisfied; (5) will carry out and perform, or cause to be carried out and performed, every promise, covenant, agreement or contract made or entered into by the state or on its behalf with the owners of any bonds; (6) will not in any way impair the rights, exemptions or remedies of such owners; and (7) will not limit, modify, rescind, repeal or otherwise alter the rights or obligations of the appropriate officers of the state to impose, maintain, charge or collect the taxes, fees, charges and other receipts constituting the pledged revenues as may be necessary to produce sufficient revenues to fulfill the terms of the proceedings authorizing the issuance of the bonds; and provided further the state may change the rate of withholding taxes, calculation of amounts to which the rate applies, including exemptions and deductions so long as any such change, had it been in effect, would not have reduced the withholding taxes for any twelve consecutive months within the preceding fifteen months to less than an amount three times the maximum debt service payable on bonds issued and outstanding under this section for the current or any future fiscal year. The State Bond Commission is authorized to include this covenant of the state in any agreement with the owner of any such bonds.
(n) At the time of issuance of any credit revenue bonds pursuant to this section, the Treasurer shall determine the amount of principal and interest estimated to be saved by the issuance of credit revenue bonds instead of general obligation bonds, as measured by the difference between the stated principal and interest payable with respect to such credit revenue bonds in each fiscal year during which bonds shall be outstanding, and the principal and interest estimated to be payable in each fiscal year during which such bonds would have been outstanding had such bonds been issued as general obligation bonds payable over the same period on the basis of equal amounts of principal stated to be due in each fiscal year, subject to any specific adjustments which the Treasurer may consider appropriate to take into account in the structure for a specific bond issue, provided no such difference shall be less than zero in any fiscal year. The Treasurer shall base such determination on such factors as the Treasurer shall deem relevant, which may include advice from financial advisors to the state, historical trading patterns of outstanding state general obligation bonds and spreads to common municipal bond indexes. The Treasurer shall set out such estimated savings for each fiscal year during which each issue of credit revenue bonds shall be stated to be outstanding in a bond determination which shall be filed with the State Bond Commission at or prior to the issuance of such credit revenue bonds, and such amounts shall be dedicated savings for purposes of this section.
(o) For each fiscal year during which credit revenue bonds shall be outstanding, there shall be transferred from the General Fund of the state to the Budget Reserve Fund established pursuant to section 4-30a of the general statutes, at the beginning of such fiscal year, an amount equal to the aggregate dedicated savings for all such bonds issued and to be outstanding in such fiscal year. Amounts so transferred shall not be available for appropriation for any other purpose, but shall only be used as provided in section 4-30a of the general statutes. The state of Connecticut does hereby pledge to and agree with the holders of any bonds, notes and other obligations issued pursuant to this section that no public or special act of the General Assembly shall diminish the obligation to make such transfer until such bonds, notes or other obligations, together with the interest thereon, are fully met and discharged, provided nothing in this subsection shall preclude such diminishment if and when adequate provision shall be made by law for the protection of the holders of such bonds, or if and when the Governor declares an emergency or the existence of extraordinary circumstances, in which the provisions of section 4-85 of the general statutes are invoked, and at least three-fifths of the members of each chamber of the General Assembly vote to diminish such required transfer during the fiscal year for which the emergency or existence of extraordinary circumstances are determined, or in such other circumstances as may be permitted by the terms of the bonds, notes or other obligations issued pursuant to this section.
(p) The state hereby pledges, for the benefit of the holders of credit revenue bonds and of general obligation bonds, that it shall not use the resources of the Budget Reserve Fund except for the purposes set forth in subsection (b) of section 4-30a of the general statutes as it exists at the time of the effective date of this section.
(q) The Treasurer is authorized to include these pledges and undertakings for the state in such credit revenue bonds, notes or other obligations.
(r) (1) Prior to July 1, 2019, net earnings of investments of proceeds of bonds issued pursuant to section 3-20 of the general statutes or pursuant to this section and such funds and accrued interest and premiums on the issuance of such bonds shall be deposited to the credit of the General Fund, after (A) payment of any expenses incurred by the Treasurer or State Bond Commission in connection with such issuance, or (B) application to interest on bonds, notes or other obligations of the state.
(2) On and after July 1, 2019, notwithstanding subsection (f) of section 3-20 of the general statutes, (A) net earnings of investments of proceeds of bonds issued pursuant to section 3-20 of the general statutes or pursuant to this section and such funds and accrued interest on the issuance of such bonds shall, after payment of any expenses incurred by the Treasurer or State Bond Commission with such issuance, be deposited to the credit of the General Fund, and (B) premiums, net of any original issue discount, on the issuance of such bonds shall, after payment of any expenses incurred by the Treasurer or State Bond Commission in connection with such issuance, be deposited at the direction of the Treasurer to the credit of an account or fund to fund all or a portion of any purpose or project authorized by the State Bond Commission pursuant to any bond act up to the amount authorized by the State Bond Commission, provided the bonds for such purpose or project are unissued, and provided further the certificate of determination the Treasurer files with the secretary of the State Bond Commission for such authorized bonds sets forth the amount of the deposit applied to fund each such purpose and project. Upon such filing, the Treasurer shall record bonds in the amount of net premiums credited to each purpose and project as set forth in the certificate of determination of the Treasurer as deemed issued and retired and the Treasurer shall not thereafter exercise authority to issue bonds in such amount for such purpose or project. Upon such recording by the Treasurer, such bonds shall be deemed to have been issued, retired and no longer authorized for issuance or outstanding for the purposes of section 3-21 of the general statutes, as amended by this act, and for the purpose of aligning the funding of such authorized purpose and project with amounts generated by net premiums, but shall not constitute an actual bond issuance or bond retirement for any other purposes including, but not limited to, financial reporting purposes.
(s) Any general obligation bonds or notes issued pursuant to section 3-20 of the general statutes may be refunded by credit revenue bonds or notes issued pursuant to this section, and any credit revenue bonds issued pursuant to this section may be refunded by general obligation bonds or notes issued pursuant to subsection (g) of section 3-20 of the general statutes in the manner, and subject to the same conditions, as set out in subsection (g) of section 3-20 of the general statutes.
Sec. 2. Subsection (a) of section 3-20a of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2017):
(a) Provisions of this section shall apply to general obligation bonds or notes issued pursuant to section 3-20, credit revenue bonds or notes issued pursuant to section 1 of this act, special tax obligation bonds or notes issued pursuant to sections 13b-74 to 13b-77, inclusive, abandoned property fund bonds issued pursuant to section 3-62h, Clean Water Fund bonds or notes issued pursuant to section 22a-483, Bradley International Airport bonds or notes issued pursuant to sections 15-101k to 15-101p, inclusive, unemployment compensation bonds or notes issued pursuant to sections 31-264a and 31-264b, UConn 2000 bonds or notes issued pursuant to sections 10a-109a to 10a-109y, inclusive, Second Injury Fund bonds or notes issued pursuant to section 31-354b and sections 8 and 9 of public act 96-242, revenue anticipation bonds issued pursuant to section 13b-79r and municipal pension solvency account bonds issued pursuant to section 7-406o.
Sec. 3. Subsection (a) of section 3-21 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2017):
(a) No bonds, notes or other evidences of indebtedness for borrowed money payable from General Fund tax receipts of the state shall be authorized by the General Assembly or issued except such as shall not cause the aggregate amount of the total amount of bonds, notes or other evidences of indebtedness payable from General Fund tax receipts authorized by the General Assembly but which have not been issued and the total amount of such indebtedness which has been issued and remains outstanding to exceed one and six-tenths times the total General Fund tax receipts of the state for the fiscal year in which any such authorization will become effective or in which such indebtedness is issued, as estimated for such fiscal year by the joint standing committee of the General Assembly having cognizance of finance, revenue and bonding in accordance with section 2-35. Credit revenue bonds issued pursuant to section 1 of this act shall be considered as payable from General Fund tax receipts of the state for purposes of this subsection. In computing such aggregate amount of indebtedness at any time, there shall be excluded or deducted, as the case may be, (1) the principal amount of all such obligations as may be certified by the Treasurer (A) as issued in anticipation of revenues to be received by the state during the period of twelve calendar months next following their issuance and to be paid by application of such revenue, or (B) as having been refunded or replaced by other indebtedness the proceeds and projected earnings on which or other funds are held in escrow to pay and are sufficient to pay the principal, interest and any redemption premium until maturity or earlier planned redemption of such indebtedness, or (C) as issued and outstanding in anticipation of particular bonds then unissued but fully authorized to be issued in the manner provided by law for such authorization, provided, as long as any of such obligations are outstanding, the entire principal amount of such particular bonds thus authorized shall be deemed to be outstanding and be included in such aggregate amount of indebtedness, or (D) as payable solely from revenues of particular public improvements, (2) the amount which may be certified by the Treasurer as the aggregate value of cash and securities in debt retirement funds of the state to be used to meet principal of outstanding obligations included in such aggregate amount of indebtedness, (3) every such amount as may be certified by the Secretary of the Office of Policy and Management as the estimated payments on account of the costs of any public work or improvement thereafter to be received by the state from the United States or agencies thereof and to be used, in conformity with applicable federal law, to meet principal of obligations included in such aggregate amount of indebtedness, (4) all authorized and issued indebtedness to fund any budget deficits of the state for any fiscal year ending on or before June 30, 1991, (5) all authorized indebtedness to fund the program created pursuant to section 32-285, (6) all authorized and issued indebtedness to fund any budget deficits of the state for any fiscal year ending on or before June 30, 2002, (7) all indebtedness authorized and issued pursuant to section 1 of public act 03-1 of the September 8 special session, (8) all authorized indebtedness issued pursuant to section 3-62h, (9) any indebtedness represented by any agreement entered into pursuant to subsection (b) or (c) of section 3-20a as certified by the Treasurer, provided the indebtedness in connection with which such agreements were entered into shall be included in such aggregate amount of indebtedness, and (10) all indebtedness authorized and issued pursuant to section 3-20g. In computing the amount of outstanding indebtedness, only the accreted value of any capital appreciation obligation or any zero coupon obligation which has accreted and been added to the stated initial value of such obligation as of the date of any computation shall be included.
This act shall take effect as follows and shall amend the following sections:
Section 1 from passage New section
Sec. 2 July 1, 2017 3-20a(a)
Sec. 3 July 1, 2017 3-21(a)
This act shall take effect as follows and shall amend the following sections:
Section 1
from passage
New section
Sec. 2
July 1, 2017
3-20a(a)
Sec. 3
July 1, 2017
3-21(a)
Statement of Legislative Commissioners:
In Section 1(a), "shall" was deleted for consistency with standard drafting conventions, in Section 1(a)(2), "to receive" was changed to "that receives" for clarity, Section 1(a)(3)(A) was divided into clauses and "the" was deleted throughout for clarity, in Section 1(a)(3)(B), "which" was changed to "that" for consistency with standard drafting conventions, in Section 1(a)(3)(F), "approved by" was changed to "approved pursuant to" for clarity, in Section 1(a)(6), "which provisions" was changed to "that" for clarity and "agreements which" was changed to "agreements that" for consistency with standard drafting conventions, in Section 1(b), "adopted" was changed to "enacted" for accuracy, "before or after" was changed to "before, on or after" for clarity and "shall have authorized" was changed to "authorizes" for consistency with standard drafting conventions, in Section 1(g)(6), "provided that" was changed to "provided," and "provided further that" was changed to "provided further" for clarity, in Section 1(m), "provided further, that" was changed to "provided further" for clarity, in Section 1(r)(1), "be deposited to the credit of the General Fund" was moved to after "shall" for clarity, and in Section 1(r)(2), "provided further that" was changed to "provided further" for clarity.
FIN Joint Favorable Subst. -LCO
FIN
Joint Favorable Subst. -LCO